The buyout of Volcom ( VLCM) by private-equity firm PPR for $607.5 million in April is another example of this trend.

The retail landscape has been ripe for buyouts, both strategic in nature and from private equity. Deals were kick-started at the end of 2010 with the acquisitions of J.Crew, Gymboree and Jo-Ann Stores.

Wall Street has been aflutter over rumors of other possible buyouts, with investors hoping to get in on any deal before an offer ultimately sends the stock on a tear.

There have been many retail casualties in recent weeks as the risk of inflation and softer consumer spending have emerged, creating attractive entry points for bidders.

But there's also a lot of noise out there, and not all retailers with stocks in the doldrums have a deal waiting on the sidelines.

Some qualities that make a retailer attractive to prospective bidders include the potential for the company to regain its dominance under new management, its viability in international markets, any hidden gems that could become catalysts for the stock and its strength as a lifestyle brand, Sozzi noted.

Tiffany and Ralph Lauren, in particular, were in the spotlight last week, after rumors surfaced that two private-equity firms may be interested in the luxury retailers.

Cartier owner Richemont may be looking to expand its jewelry business with Tiffany. Tiffany has been working to expand its watch business through a joint venture with Swatch, so partnering with Cartier, which is famous for its time pieces, may not be that far-fetched.

Ralph Lauren could be one of the takeover targets on PPR's list of possible acquisitions.

Women's apparel retailer Talbots was singled-out by Bloomberg News as a company that could attract leveraged buyout interest. Even though Talbots lost $763 million over the past four years, Bloomberg says the company is valued at 2.7 times earnings before interest, taxes, depreciation and amortization, making it the least expensive of any U.S. apparel seller worth more than $100 million.

However, Sozzi says that both Talbots and Gap may not have any real intrinsic value to acquirers.